The government underwritten states of Victoria, Queensland and South Australia have a mandatory renewal date for all workers compensation policies by 30 June. This also means that employers’ activities and obligations relating to the renewal process are also prescribed at this time.
For many businesses, workers compensation insurance is their largest insurance policy. In the government underwritten states of Victoria, Queensland, and NSW employers are eligible for discounts if they pay their premiums in full by the allocated date.
Simon Booth, Manager Workers Compensation for Aegis, advises: “Understanding the key dates relating to workers’ compensation in each state is important for all employers. Increased premiums and penalties through deeming of remuneration, late payment and underestimation can easily be avoided. More importantly, there is an opportunity for employers to reduce their premium spend by taking advantage of the discounts available if their premium is paid in full by the relevant due dates.”
Brokers can play an important role in advising their clients to build, implement and promote initiatives that reduce premiums and foster safer workplaces. To understand the specific obligations and opportunities for each of the Government Underwritten Schemes go to the relevant regulatory websites.